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I made a contribution in March and December to a traditional IRA. Now TT thinks I contributed too much and owe 6% penalty.
Hoping someone can help me. I contributed $6K in Mar '24 and $7K in Dec '24 to a traditional IRA. The $6K was for tax year 2023. My 1099R shows the combined $13K of contributions in '24. When I enter all that into TT and select that I have nondeductible contributions (did a back door Roth IRA with all of these funds), it says I contributed too much in '24 and owe a 6% penalty. How do I resolve this?
March 1, 2025
7:04 PM